GBPAUD Daily Overview

Couple of long term trade setup:
1. Bearish Butterfly pattern - Price retested 2014 high. Now retracing, reenter trade as short when price retraces from current level may be @ 618 level of C. Stop loss above C and Target 1: 1.87607 (Fib .382 level of BC ) and Target 2: (Fib .50 level of BC . Long term trade setup can take all the way down to Cypher Pattern C-D leg.

2. Bullish Cypher Pattern - Potentially could form based on the current chart analysis. This is again a long term formation. Stop loss below X of cypher Target 1 will be @ fib 38.2 and Target 2 @ Fib 61.8 of Cypher C to D

Note: Analysis is purely based on technical, fundamentals are not considered. And this idea are just analysis only not a trade recommendation.